WASHINGTON–The Federal Deposit Insurance Corporation has requested that four companies submit proposals as part of the next phase of the agency’s on-going Rapid Phased Prototyping Competition (RPP) in order to accelerate the adoption of modern technological tools.
According to the FDIC, the tools would help financial institutions draw inferences from their data, and to improve data structure, portability, and processing that may support more efficient back-office operations and reporting.
“Financial institutions that voluntarily chose to adopt the technologies could also see benefits in reduced compliance costs and greater ability to integrate new technologies into their operations more effectively,” the FDIC said. “These tools would also help support the FDIC’s supervisory and financial stability missions.”
The 4 Companies
The FDIC noted it requested that the following companies submit one or more proposals, either independently or jointly, to pilot the prototypes they developed in the initial phases of the RPP:
- Novantas, Inc.
- Palantir Technologies Inc.
- PeerIQ
- S&P Global Market Intelligence, LLC
During the initial phases of the RPP, the FDIC said it asked 33 competitors to produce working prototypes of new technologies over several competitive phases. From August 2020 to March 2021, the competitors refined their prototypes and met regularly with FDIC staff to receive feedback on their concepts and to demonstrate their prototypes. Based on those engagements, the FDICs said it invited four companies to continue as the competition moves to a pilot phase.
New Pilot Planned
The FDIC’s said its tech lab, FDITECH, will lead the new pilot program.
“During this pilot, the companies will propose a ‘proof of concept’ for their technologies that will be assessed for compliance with all legal, supervisory, and regulatory requirements as well as for security, scalability, operability, and marketability,” the FDIC said. “The goal is to conduct a pilot with a small group of FDIC-supervised institutions who voluntarily choose to participate.”